KUALA LUMPUR (March 10): PUC Bhd (KL:PUC) group managing director and CEO Cheong Chia Chou, who has held the role since 2016, has ceased to be a substantial shareholder in the loss-making digital payment solutions provider after selling a 1.73% stake.

Cheong, 51, disposed of 52.78 million shares, equivalent to a 1.73% stake via a direct business transaction on Monday (March 9), according to a bourse filing on Tuesday.

The price-tag was not disclosed in the filing.

The disposal trimmed his total stake in the company to 4.763%, or 145.2 million shares.

Cheong has sold significant portions of his shares in the company before. He ceased to be a substantial shareholder in PUC on March 12 last year, but later reemerged as one in December.

PUC’s largest shareholder is Cocoaland Bhd co-founder Liew Fook Meng with an 8.02% stake, while Lau Pak Lam, another Cocoaland co-founder, holds 7.49%.

Genting Bhd’s (KL:GENTING) vehicle GPVF Sdn Bhd is also a substantial shareholder with a 5.33% stake.

PUC has been in the red since the financial year ended Dec 31, 2019 (FY2019).

For its latest 18 months ended Dec 31, 2025 (FY2025), it posted a net loss of RM50.92 million on revenue of RM82.55 million.

Shares in PUC ended unchanged at 1.5 sen on Tuesday, valuing the company at RM34.29 million.